Italian eyewear house Safilo today (24 October) confirmed it has it has submitted a non-binding offer to acquire the Eschenbach Group and BoDe businesses from UK company Inspecs Group. But it is not alone in its interest with two other possible offers looming for Inspecs in total.
Inspecs produces high-quality eyewear in-house for supply to a global network of retailers and brands.
Safilo’s statement this morning follows Inspecs Group’s own statement yesterday (23 October) regarding varying possible offers from three parties.
In response to recent press speculation Inspecs confirmed it had received two separate, unsolicited proposals, the first from H2 Equity Partners Ltd, the second from Risk Capital Partners and Ian Livingstone (‘the Consortium’).
Each had set out non-binding possible cash offers alongside the possibility of an alternative offer, including unlisted securities to acquire Inspecs’ entire issued and to be issued share capital.
“The company also received on 21 October a proposal from Safilo Group S.p.A to acquire the Eschenbach Group and BoDe businesses of Inspecs,” it said.
“There can be no certainty that an offer will be made, nor as to the terms of any offer if made. A further announcement will be made if and when appropriate.”
Under UK regulations, both H2 and the Consortium are required, by no later than 5pm on 20 November either to announce a firm intention to make an offer for Inspecs or to announce that they do not intend to proceed.
Safilo said that its offer forms part of a wider exploration of new investment opportunities.
“At present, there is no certainty regarding the outcome of any such offer,” the company noted.
Safilo is a global powerhouse, whose portfolio encompasses several home brands (Carrera, Polaroid, Smith, Blenders, Privé Revaux and Seventh Street); the perpetual licence Eyewear by David Beckham; and multiple licensed brands, including Boss, Carolina Herrera, Kate Spade New York, Marc Jacobs, Missoni, Tommy Hilfiger and many others. ✈
